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Barclays has been hit with a £11.9m ($15m) fine after its chief executive Jes Staley broke the bank’s rules by trying to unmask a whistleblower in an attempt to protect a personal friend and colleague from criticism.

In undermining the process by which staff can anonymously report wrongdoing Mr Staley “exposed the bank to risk and created an atmosphere in which employees might doubt that it was safe to escalate issues of concern to the bank”, said US regulator Maria Vullo.